The Mechanism of Financial and Economic Support of Financial Clusters Functioning

In the terms of modern economic restructuring, a lot of countries around the world have followed the path of creating and developing financial clusters through the implementation of regional or national development programs, accumulating and directing financial flows to long-term sectors. The formation of financial clusters is a necessary condition for the transformation and improvement of the national financial market; increasing its competitiveness at the global level, diversifying financial and credit services and improving their quality. However, the lack of an effective mechanism for financial and economic support of the process of creation and functioning of network financial structures makes their formation impossible and requires scientific substantiation. The article considers the stages of the process of formation and development of clusters, highlights the main financial and economic factors that determine the formation of financial network associations, namely: the formation of a stable and efficient system of business processes; global financial crises; investment insolvency; tax burden; globalization of economies; attraction of additional financial resources; knowledge economy; competitiveness; competition; financial mechanisms. The theoretical foundations of the mechanism of financial and economic support of financial clusters formation are elaborated considering the current trends in the financial sector of the economy which consists of four blocks is developed: financial and credit maintenance, organizational and legal maintenance, subsystems of regulation and control. Simultaneous operation of the above-mentioned blocks is designed to obtain and to ensure effective functioning of the financial cluster profit in the interests of all members of the association. It was found that for the sustainable and dynamic development of financial clusters a control system is necessary, which will allow to make operational management decisions in order to increase the efficiency and financial support of the clusters. The sources of formation of financial capital of associations are determined: own, loan, involved; forms of crediting participants of financial cluster are investigated.